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Industrial Gadgets .NET Controls Still have 'Demo' Watermark after Applying License

After applying a license for the Industrial Gadgets .NET, the demo watermark and a large 'X' over the control is still showing on the form designer.  How do I get rid of the watermark and the 'X'?

I would recommend running your Form Application or Visual Studio as Administrator.  Do this by right clicking on the application and Run As Administrator.